Global Digital Marketing Spend Expected To Have Reached About $340 billion in 2020
The COVID-19 pandemic did not dampen advertisers’ enthusiasm for popular social media channels such as Twitter, YouTube, and Instagram, as global digital marketing spend in 2020 is forecasted to have reached $330-340 billion, a CAGR of nearly 13 percent.
Digital marketing and advertising have almost replaced the traditional form of advertising as marketers focused more on digital campaigns to generate greater brand awareness, according to Beroe Inc, the world’s leading provider of procurement intelligence and supplier compliance solutions.
On the contrary, the global marketing services, on a traditional level, slipped 30 per cent on an average as compared to the previous year. For its part, the online market research space has seen an increase of 40 per cent to 50 per cent, while traditional market research only contributed to 24 per cent of the entire research sector.
The global digital marketing spend was valued at $290-$310 billion in 2019, with the future having a much stronger suit due to the continual attraction on every digital channel. It was forecasted to grow at a CAGR of 12.8 per cent to reach about $330-$340 billion by 2020.
There are different factors that the consumers have been considering for the marketing of their product, along with creating awareness about it. Digital Out of Home is one such aspect, where marketers are becoming able to not only advertise their product but also augment the customer experience with different technologies such as VR and facial recognition.
Different brands are viewing Influencer Marketing as a major source of marketing, as the current pandemic has increased the presence of customers on social media. They view this as an opportunity to create a positive advertisement for their brand, as these indirect campaigns help in reaching the target audience, without having to face any additional costs.
Buyers today, are viewing their options with an open mind, and are using analytic tools such as predictive analytics, which helps them to forecast and effectively develop strategies based on their insights. There has been an improvement in the DIY solutions, according to market research to gain control from the survey platforms and software providers.
- Research has forecasted that Instagram, YouTube and even Twitter directly influence about 40 per cent of the online purchasing power of the customers.
- The current pandemic has created an opportunity for buyers to increase the sales on the online platforms, thus, replacing the traditional forms of shopping. Artificial Intelligence can ensure that every search pop-ups and advertisement is directed at the customer.
- When the customer is directly engaged with MR agencies on a continuous insights basis, rather than in a discrete manner, it enables buyers to understand their customers on a deeper level, along with other opportunities and problems.
- The clients have the choice to adopt different methodologies, such as CATI, which are readily available, and are active under the guidelines, relating to privacy and legislation. Moreover, the face-to-face interviews and exit interviews are likely to decrease, due to the increased impact of the COVID-19 pandemic.
- Different brands are trying to develop innovative advertising modus operandi to reach out to the customers who are working from home, amid the COVID-19 pandemic.
- Discounts are given to the customers on the products using QR codes, which can be linked to direct calling that can help customers to scan the QR code and reach the company, instead of looking for their telephone number.
- Different stores are looking for augmenting the customer shopping experience by using innovative shopping practices, along with easy payment options. This allows for the maintenance of all the safety conventions while ensuring higher sales.
- The COVID-19 pandemic has allowed an opportunity to increase innovation among the companies and service providers for introducing cost-effective and supportable print groundwork that includes AI, automation, giving preference to local vendors, hiring freelancers, adding masks, visors, etc.
With further research, it was found that there is a growth in the different substrates for industrial printing across various substrates and shapes that are expected to take place in 2021.
Further, the trend of E-commerce is spreading rapidly, where if a printed material or print company sets up an e-store to sell print products, then it will surely bring wonders.
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